SELLER CLOSING COSTS
Seller Closing Costs typically include the following.
(Other closing costs could be incurred, but these are the most common seller closing costs.)
• Real Estate Commission - Typically 6% of the total sell
• Attorney Fee - Typically $400.00 - $500.00
• Deed Stamps are $3.70 per thousand of the sales price ***
• Deed Recording Fee $10.00
• Title Insurance - Typically $100.00 - $200.00
• Deed Preparation - Typically around $200.00 - depends on attorney chosen
• Courier/Copy/Express - Typically around $30.00 - $50.00
• County Taxes - These will be prorated
• Home Owners Association Fees if applicable. These also will be prorated.
In South Carolina typically the Seller pays the real estate commission for both their listing agent and the Buyer's agent. The commission is typically 6% of the total sell but can vary, particularly in land sales. The commission percentage should be clearly established with your agent at the time of the first listing.
*** What are deed stamps and how does a Seller determine the price they will pay for deed stamps?
Deed Stamps = The transfer tax charged by the county for all real estate sales. Currently, this amount is $1.85 per $500. So for a $100,000 sale the price of the deed stamps would be $370.00. Or you could take the contract price, divide it by 500, and then multiply by $1.85. This will help to determine the amount due for deed stamps, payable by the seller, at the closing.
Sellers will most likely be asked to pay some or all of the Buyer's closing costs. This is NOT required but is typically expected from Buyers. A general estimate of Buyers closings costs is 3% of the purchase price. Buyers will typically try and negotiate in the contract that the Sellers pay a portion of this amount.